Blue Star Reports Completion of 2026 Phase 2 Drilling Program and Auma Results Including 4.3 m of 6.06 g/t Au and 2.7 m of 6.23 g/t Au

Blue Star Gold Corp. (BAU) announced the completion of its 2026 Phase 2 drill program, which totaled 6,552 meters across all targets. The release included follow-up assays from the Auma Bamako Target and results from the first-ever drilling of the Auma Penny Lane Target.

Key intercepts from the Bamako target included Hole 26ABD006, which returned 4.3 meters at 6.06 g/t Au from 82.7 meters downhole, including 0.3 meters at 35.40 g/t Au and a second 0.3 meters at 25.20 g/t Au. Hole 26ABD008 returned 2.7 meters at 6.23 g/t Au from 60.1 meters downhole, including 0.6 meters at 19.75 g/t Au, plus 2.4 meters at 3.67 g/t Au from 96.2 meters downhole, including 0.4 meters at 15.75 g/t Au.

At the Penny Lane Target, located 1,200 meters southwest of Bamako, Hole 26APD012 returned 2.7 meters at 2.73 g/t Au and 0.101% Cu from 37.5 meters downhole. Hole 26APD013, drilled below 26APD012, returned 3.0 meters at 0.98 g/t Au and 0.212% Cu from 45.1 meters downhole.

The company also disclosed several barren or missed holes. Hole 26ABD007 reported no significant interval, though it encountered a narrow 0.5-meter quartz vein with 4-5% pyrrhotite and 1-2% chalcopyrite at 181.25-181.75 meters, with no assay quoted. Hole 26ABD009 showed anomalous gold but no significant intervals. Hole 26ABD010 encountered quartz veining and disseminated sulphides but no significant gold. Hole 26APD011 remained entirely in granite and never reached the volcanic-granite contact.

In leadership changes, Trish Toole was appointed Exploration Manager and named Qualified Person for this release. VP Exploration Darren Lindsay resigned on October 30 but will remain as Technical Advisor. Drilling at Auma is complete for the year, with next steps limited to data compilation, geological modeling, and drill planning.

Blue Star Gold Corp. (BAU) is a pre-resource explorer at Auma and a resource-stage developer at Ulu, which holds 558 koz of Au Measured and Indicated resources at 7.87 g/t, plus 476 koz inferred at 4.54 g/t. The company has no revenue and a market capitalization of roughly C$34M on approximately 177-180M shares at C$0.19.

The recent drilling at Bamako confirms and modestly extends a system already drill-tested over 300 m of strike, with no new material added to the resource and no economic study, including NPV, IRR, capex, AISC, or mine life, currently available. The down-dip confirmation from hole 26ABD006 (connected to 26ABD005) and the strike confirmation from 26ABD008, located 40 m south, represent genuine continuity, while the first in-situ Penny Lane assays provide new information. However, the grade-width substance aligns with the August 26 anchor rather than exceeding it, and the Penny Lane results materially under-deliver against the 2025 surface sampling.

The August 26, 2026 anchor results included 26ABD003 (8.0 m at 2.65 g/t = 21.2 g-m; 1.9 m at 16.74 g/t = 31.8 g-m) and 26ABD005 (2.0 m at 10.6 g/t = 21.2 g-m), plus 26ABD001 (5.4 m at 0.73 g/t, etc.). The stock closed at C$0.23 on August 26 and C$0.19 on September 18, drifting down approximately 17% through the anchor release and two financings. Today’s best two holes at 26.1 and 25.6 g-m are comparable to the anchor’s 21-32 g-m range, offering broader, better-distributed grade and two vectors of continuity. This represents a mild positive delta in quality, though the BHP historical intercept of 39.8 g-m remains the top result on the property.

Three of the five new Bamako holes effectively blanked, Penny Lane’s down-dip hole faded to 0.98 g/t, and one hole missed. The Auma program is finished for the year with no further drilling scheduled, leaving no near-term catalyst. Going-concern language and financing overhang continue to dominate the equity story more than the drilling results.

Blue Star Gold Corp. (TSXV: BAU; OTCQB: BAUFF; FSE: 5WP0) controls over 420 km2 in the High Lake Greenstone Belt, West Kitikmeot, Nunavut. The company’s portfolio includes the Ulu Gold Project, which comprises the Ulu Mining Lease and the approximately 11,200 ha Hood River property, hosting the Flood Zone Gold Deposit. An updated Mineral Resource Estimate (MRE) effective May 15, 2026, prepared by P&E Mining Consultants and David Burga P.Geo., reports Measured and Indicated resources of 2.204 Mt at 7.87 g/t Au for 558 koz, and Inferred resources of 3.263 Mt at 4.54 g/t Au for 476 koz. Existing studies suggest gold recoveries above 90%. Economic assumptions in the MRE include US$3,350/oz gold, a 0.8 g/t open-pit cutoff, a 2.0 g/t underground cutoff, and 92% recovery. Infrastructure includes a 1,350 m gravel airstrip, a 40-person camp, and a 1.7 km underground decline to the 150 m level.

The Roma Project, covering approximately 30,100 ha in the North High Lake belt, features critical minerals and VMS-style Cu-Zn-Pb-Ag targets. These include the Ataani massive sulphide lens and historical intersections at Sand Lake (21 m at 2.71% Cu; 15 m at 3.29% Cu), as well as prospects at Stu, West West, South, Cairo, Juno, and Chill-Juno. A conceptual Sand Lake exploration target of 3-5 Mt at 2.3-3.6% CuEq was derived from historical data, with a stated ~6 m mean true thickness and ~530 m interpreted strike.

The Auma Project, the subject of this release, was expanded from 614 ha to 11,794 ha in February 2026. It hosts orogenic gold occurrences at Bamako and Penny Lane, plus VMS-style Zn-Cu occurrences. Only approximately 13 holes have been drilled to date by Blue Star. The projects are located in Nunavut, within approximately 200 km of two producing belts: Agnico Eagle's Hope Bay and B2Gold's Black River. The sites lie 40-100 km south of the proposed Grays Bay Road and deep-water port corridor, which was referred to the federal Major Projects Office on March 12, 2026.

Prior-period financial context, drawn from H1-2026 statements and the MD&A to May 31, 2026, shows a comprehensive loss of $2,835,084 for the six months and exploration spend of $2,126,849. As of May 31, 2026, the company held cash of $2,339,915 and working capital of $1,388,091. Total debt stood at $2,151,580, including a $2.73M director loan, against total equity of $4,288,298. There were 160,077,490 shares outstanding at May 31, 2026, before the June and September financings. Management explicitly flagged a going-concern condition, which was subsequently addressed in part by the June 2026 placement. Ownership is roughly 64% insiders, with Dr. Georg Pollert serving as a director and controlling shareholder, approximately 19% funds and HNW investors, and 17% retail.